Prosecutors say Chicago gets 1st cryptocurrency case

Prosecutors say Chicago gets 1st cryptocurrency case

Prosecutors say Chicago gets 1st cryptocurrency case

Feb. 18, 2018

https://www.apnews.com/c2358c6186fe43e9b7a454a499e32a27

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CHICAGO (AP) — A cryptocurrency case is now making its way through Chicago federal court.

The U.S. attorney's office says it's the first criminal prosecution involving virtual currencies in the region. The suspect is a 24-year-old trader accused of misappropriating more than $2 million in Bitcoin and Litecoin.

Charging documents say Joseph Kim was an assistant trader for a Chicago firm that recently formed a virtual currency group. He was charged Thursday. His attorney, Bill Ziegelmueller, didn't immediately return a telephone call seeking comment.

The complaint alleges Kim transferred more than $2 million of the company's cryptocurrency to personal accounts to cover his own trading losses. It says he made false statements to management to hide the theft.

A conviction on the wire fraud charge carries a maximum 20-year prison sentence.